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Old 12-30-2017, 07:45 PM
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Dabill Dabill is offline
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Default Taxes and Such..

I really want to start my own daycare.. my husband and I have been looking at homes where I could convert a garage or something into a daycare (I could never have it in my living space!). I have so many ideas, have already started collecting things I come across for free, etc but the one thing that terrifies me is figuring out the tax part of things! Deductions and all of that.. So I am wondering if it is one of those things that seems scary until you've done it once or twice or is it pretty difficult? Any opinions?
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Old 12-30-2017, 07:49 PM
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Here are some more threads on providers converting their garage to a daycare area. https://www.daycare.com/forum/tags.php?tag=garage
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Old 12-30-2017, 09:48 PM
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Welcome to the world of daycare!!! Based on your post step one would be to check your state regulations to see if they allow a daycare space to be in the garage.... not all states do.

In my opinion having a daycare in your home provides great tax deductions but I have always had itemized deductions so it was just a shift of the type for me. I always hired an accountant - this year I am going with my same old accountant but I plan to switch to a daycare specific accountant in 2018.
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Old 12-31-2017, 07:44 AM
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Go over to the tax section of this group and start reading. Pages and pages and pages if info on daycare tax. Pay close attention to posts by Tom Copeland. He is an expert on daycare law and taxes. Find his blog. I think it is tomcopelandblog.com. Then go to Redleafpress and buy his books. Get the one that lists thousands of deductions you wouldn't have known about. Get one of the tax workbooks. There are 2. One is for the person who does your taxes, the other is for the person who does their own taxes. I bought both the first year. Daycare taxes are very different from other self-employed taxes. Many tax people mat not realize it. I paid for her to go to one if Tom's webinars

I also recommend his home inventory book, and Calendar Keeper. Spend a lot of time on the daycare.com tax forum!
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Old 12-31-2017, 11:35 AM
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So I have 3 kids of my own which will obviously be in the daycare sometimes... does that mean that the toys I buy specifically for the daycare cant be 100% deducted if my own kids touch them during daycare hours?
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